THE recently formed Barbados International Business Promotion Corporation (BIBPC) will be seeking to have a direct presence in the Far East, South America and Europe.

According to BIBPC Chairman Mr. Douglas Skeete, senior development officers will be appointed to these markets to market Barbados as a preferred financial centre.

In the Far East we will [by] concentrating on Hong Kong and using it as a conduit to get into the Republic of China. We have a double tax treaty with China. They have exported skills here by way of architects, carpenters, masons, etc., in the building industry, and we hope we can follow that up with trade, persons who are looking to do business using Barbados as a financial centre, he noted.

Mr. Skeete stated that Chinese entrepreneurs who may be looking to set up businesses in the United States and Europe may find the double tax treaty a useful vehicle for which they can set up a company in Barbados, and route their business through that company.

Obviously these persons would have to look at the treaty and explore how best they can facilitate that, he pointed out. The BIBPC also recently announced its board of directors. Mr. Skeete is joined by Deputy Chairman Mr. Vince Yearwood, Mr. George Gleadall, Mr. Henderson Holmes, Ms. Julie Harris, Ms. Elaine King, Mr. Stephen Greaves, Mr. Eliot Sacher and Ms. Lorna Barrow.

Skeete also revealed that government is seeking to eventually sign double taxation treaties with a number of jurisdictions in South America, including Brazil and Chile.

Once those double taxation and investment treaties are negotiated, that will provide us with a springboard to start looking seriously at Brazil and wider South America, and how their entrepreneurs and business persons could perhaps use Barbados as a hub or a springboard to invest in Europe, North America or the Far East.

According to Mr. Skeete, just as Bermuda is known as a preferred insurance business centre, the goal is for persons to see Barbados as the preferred international financial centre promoting specific products.

We just need to identify what these products ought to be. The Minister of Finance is hinging the increase in economic activity on an increase in exports, which will generate foreign exchange, and certainly from the promotional efforts of this new entity, along with the tourism returns that are being generated via the BTAs efforts. We will definitely be working hard to make sure that international business continues to be a pivotal plank on which the economy can grow, the BIBPC Chairman stated.Ç